BTCCNY: Weekly uptrend update
Zaktualizowano
I highlighted the weekly support buy zones we have had in the past, as well as the curretly active one.
The 8h setup I pointed at might not work with a tight stop, but it's still good to hold longs from 4950-5100 overall. Just make sure your risk, if adding new positions is 1-2% max, if price were to go against you and hit 4805.26. It really shouldn't, to conserve the uptrend speed and achieve 5710.74 on time. If we don't hit this level before December 12th, then Bitcoin might endure a correction which could be a pullback, or simply lack of activity and a slow sideways drift again, before more upside is attainable.
Fundamentals would have to get in line, but for now, technicals give us comfort in long positions. Watch the linear regression channel support, watch the moving average on chart, we shouldn't see a close below them, and we should hit the target we have here on time. Also, watch the speed line on chart, which indicates the minimum required pace the uptrend has to keep to remain valid, all of these tools tell us when to expect a correction.
The only thing is that which we can't know in advance what the price behavior will be after it starts, so, we'll have to react and not predict too far in the future.
Long term target remains above 7000, based on weekly signals, and there's a longer term timeframe signal pointing way higher as well, so, there's no need to fear long trades, as long as we time the entry correctly, they will reward us handsomely.
Good luck,
Ivan Labrie.
Disclosure: I hold long positions with no leverage, nor stop losses, that equate to 55% of my account value currently, all in profit, except for the last entry at break even or minor loss. I have been buying and selling dips, to book profits and allow me to keep risk free holds.
The 8h setup I pointed at might not work with a tight stop, but it's still good to hold longs from 4950-5100 overall. Just make sure your risk, if adding new positions is 1-2% max, if price were to go against you and hit 4805.26. It really shouldn't, to conserve the uptrend speed and achieve 5710.74 on time. If we don't hit this level before December 12th, then Bitcoin might endure a correction which could be a pullback, or simply lack of activity and a slow sideways drift again, before more upside is attainable.
Fundamentals would have to get in line, but for now, technicals give us comfort in long positions. Watch the linear regression channel support, watch the moving average on chart, we shouldn't see a close below them, and we should hit the target we have here on time. Also, watch the speed line on chart, which indicates the minimum required pace the uptrend has to keep to remain valid, all of these tools tell us when to expect a correction.
The only thing is that which we can't know in advance what the price behavior will be after it starts, so, we'll have to react and not predict too far in the future.
Long term target remains above 7000, based on weekly signals, and there's a longer term timeframe signal pointing way higher as well, so, there's no need to fear long trades, as long as we time the entry correctly, they will reward us handsomely.
Good luck,
Ivan Labrie.
Disclosure: I hold long positions with no leverage, nor stop losses, that equate to 55% of my account value currently, all in profit, except for the last entry at break even or minor loss. I have been buying and selling dips, to book profits and allow me to keep risk free holds.
Uwaga
Holding above 5011 this week is certainly bullish, let's see how the day closes today. I think we'll get good continuation to fulfill the long term forecasts very soon. Meanwhile, buy big selloffs with a small position, and sell rallies to the top of the range, but never close 100% keep 15-30% long from the lows, or lower entries.Uwaga
The weekly close was really bullish, we can safely buy any dip for now.Uwaga
One week to go to hit 5710.Buying dips has been profitable.
Uwaga
Failed to hit 5710, not good in the long run, maybe after hitting the target at 6530-7390 we see a larger pullback in BTC. Or we simply stall for a good while.Keep your eyes on the target, hold longs for now.
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